Money Changers Ordinance

(1)
A money changer, before completing an exchange transaction by handing any currency to a customer in exchange for currency tendered by the customer,
shall—
(a)
legibly make out in duplicate a transaction note in the form prescribed in
Schedule 1
, with such inclusions as are required or permitted by this section, by correctly completing the details of the exchange transaction by using Arabic numerals and an abbreviation commonly used by money changers to signify the type of currency;
(b)
sign the transaction note;
(c)
explain, in so far as is practicable, the transaction note to the customer and indicate each detail of the exchange transaction set out in the transaction note; and
(d)
request the customer to sign the front of the original transaction note in the place reserved for his signature and, unless a copy of the signature is recorded on the duplicate, to sign the front of the duplicate transaction note in the place reserved for his signature.
(2)
The details referred to in subsection
(1
)(
a)
are—
(a)
the date of the transaction;
(b)
the type of currency tendered by the customer;
(c)
the amount of currency tendered by the customer;
(d)
the net rate of exchange, which shall be stated without reference to any charge or commission;
(e)
the equivalent amount of the currency to be issued to the customer;
                    and
(f)
where more than one currency is tendered by the customer, the total amount of the exchanged currency to be issued to the customer.
(3)
A money changer shall include in the form of transaction note used by him the money changer’s name, address and telephone number both in English and Chinese and may include in the
form—
(a)
a serial number for the note;
(b)
a transaction number;
(c)
provision for evidence of the customer’s identification to be recorded and details of that evidence; and
(d)
statements to the effect of the form set out in
Schedule 2
.
(4)
A money changer shall not include in a transaction note any statement other than a statement authorized by this Ordinance.
(5)
If a money changer sells more than one type of currency to a customer, the money changer shall issue a separate transaction note for each currency sold.
(6)
A money changer shall hand over to the customer the total of the equivalent amount of the currency shown in the transaction note as the currency to be issued to the customer without any deduction.
(7)
A money changer shall, on handing over the exchanged currency, issue the original of a transaction note to the customer.
(8)
A money changer shall retain the duplicate copy of a completed transaction note
                for not less than 12 months and shall produce the duplicate for inspection and
                copying on demand by a police
                officer.
(9)
Without derogation from
section 5
, a customer may, at any time before the money changer completes the transaction by complying with this section and handing the total of the exchanged currency to the customer, refuse to proceed with an exchange transaction.
(10)
If a customer refuses to proceed with an exchange transaction under subsection (9), the money changer shall immediately hand back to the customer the currency tendered by the customer for the exchange transaction without any deduction.
(11)
A money changer who contravenes subsection (1), (3), (4), (5), (6), (7), (8) or
                (10) or who fails to comply with a demand under subsection (8) commits an offence
                and is liable to a fine
                at
                level 1 for a first offence and to a fine
                at
                level 2 and to imprisonment for 6 months for a second or
                subsequent offence.
(Amended
E.R. 2 of
                2021
)